Gold Prices Set for Comeback: Experts Predict Upward Surge
Expert Colin Shah predicts gold prices will resume an upward trend following a brief correction. Find out what is driving the market.
After a brief period of moderation, gold prices trend indicators suggest that the precious metal is poised to resume its climb. Market experts believe that the recent dip was merely a temporary correction, and a stronger upward trajectory is expected to dominate the coming weeks and the entirety of the next year.
The Drivers Behind the Price Shift
In an exclusive discussion, Colin Shah, Managing Director of Kama Jewellery, highlighted that the recent volatility in gold valuations was primarily fueled by international dynamics rather than domestic Indian factors. According to Shah, two critical global elements are currently steering the market:
- The Strength of the US Dollar: Fluctuations in the dollar's value continue to have a direct impact on gold's global pricing.
- Federal Reserve Policies: Interest rate decisions made by the US Federal Reserve remain a primary driver for investors and gold valuations worldwide.
The Indian Context: A Cushioned Descent
While international markets saw a correction, the impact on Indian consumers was less severe. This "cushioning" effect was attributed to two main economic factors: a 15% import duty and a depreciation of the rupee by approximately 3% to 5%, which prevented a sharper drop in domestic prices.
Current Market Snapshot
As of November 5, 2026, 24-karat gold is trading at roughly Rs 1,44,903 per 10 grams. To put this in perspective, the metal hit a staggering all-time high of Rs 1,75,340 per 10 grams on January 29, 2026.
Changing Consumer Tastes This Festive Season
Beyond the price fluctuations, a notable shift in buying patterns is emerging as the peak festive season approaches. Consumers are moving away from traditional heavy gold pieces in favor of more modern, versatile options.
Market observers have noted a rising demand for lightweight studded jewellery, specifically within the 9K to 19K gold range. Additionally, there is a growing appetite for diamonds—both natural and lab-grown—with a particular concentration of buyers looking for pieces priced between Rs 1.5 lakh and Rs 3 lakh.